Go long German government bonds, while shorting US and Japanese government bonds

The logic: "The ongoing eurozone recession, coupled with an accommodative ECB, will provide a better supportive backdrop for Bunds. Outlook for Treasury not as positive given growth prospects and resolution of the Fiscal Cliff, while Japan may finally allow JGBs to rise"

Go long European corporate credit and short US corporate credit

The logic: "In our view, European corporate credit spreads are being unduly punished for the credits’ domicile, and not necessarily on the merits of the underlying credit fundamentals."

Source: Morgan Stanley

Collect yield by playing term structures rather than taking on duration risk

The logic: "While we are not fretting a spike in interest rates in 2013, we believe that investors are better served taking on structure risk, rather than moving out further on the curve for yield and spread"

Note: In other words, there are two ways for investors to collect a yield premium. One is by investing in riskier, longer-dated bonds that yield more interest (taking on duration risk). The other entails deploying carry trades to take advantage of widened spreads between similar assets with different durations.

Go long gold

The logic: "The monetary easing programs of the Fed and ECB are two examples of expansionary monetary policy that will keep inflation and currency debasement risks elevated, and therefore gold, well supported"